Ascend Asia

Finexis is the largest Financial Advisory (“FA”) firm in Singapore with ~800 financial advisers. The acquisition of Finexis is part of a roll-up strategy of FA firms via a platform (“Ascend Asia”) and is a significant first step given its leading market position in terms of both scale and profitability. FA firms in Singapore play a critical role in distributing products for tier 2 life insurers (e.g. Singlife, HSBC life, FWD), given their lack of a meaningful captive adviser force and access to bancassurance channels. The sector is highly fragmented, comprising mostly subscale operators with limited profitability, which creates a compelling opportunity for consolidation.